Explorations in the new monetary economics
Author(s)
Bibliographic Information
Explorations in the new monetary economics
Blackwell, 1994
Available at 53 libraries
Note
Includes bibliographical references (p. [173]-192) and index
Description and Table of Contents
Description
This work, designed for students and specialists in monetary economics, provides a systematic examination of monetary economics from a new viewpoint - one in which markets provide financial services without recourse to traditional concepts of money. In this analysis, Cowen and Kroszner: examine the potential consequences of a complete deregulation of money and banking; show how a deregulated financial system would evolve and whether the results would be desirable; and analyze both the micro and the macroeconomic consequences of these changes. The authors synthesize Carl Menger's evolutionary theory of money with the modern writings of Black, Fama, Wallace and others. In such a system, currency use would dwindle or disappear, all media of exchange would pay interest, different media of exchange and account would compete with each other, privately-issued exchange media would be evaluated and priced through electronic systems, and checkable mutual funds would replace banks, bringing about a fundamental transformation of monetary institutions.
Table of Contents
Acknowledgements. >Introduction. > PART 1: Theory of Financial Evolution. > > 1. The evolution of Media of Account, Exchange, and Settlement. > PART II: Operation of Alternative Systems. > > Introduction and Overview. >2. Financial Asset Media of Exchange. >3. Commodity Bundle Media of Account. > PART III: History of the New Monetary Economics. > >Introduction and Overview. >4. Early and Anglo American Precursors of the New Monetary Economics. >5. German Language Precursors of the New Monetary Economics. > References. >Index.
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